hmm.no edges in the markets
- Thread starter chimera
- Start date
Spyder only used the ES, I do not recall him ever mentioning SPY, period. Spydertrader was a believer in Jack's method for sure. If Jack's method works for any trader, that person deserves a special plot in whatever graveyard s/he gets planted in. I ranted and yelled at spyder about being way to deep in every tick as if every tick was the "end-all" to any and all patterns. Channel trading has values for sure but I failed to be drawn into the fine print so to speak. My vision of a channel was the borders and that was good enough, even at that I still do not use channels, but they work for others.
I hope spyder is doing fine and may Jack have another 20 years in the mkt's...
PS: I also had a bone to pick about all the volume usage..........to this very day, volume is like reading a newsprint newspaper..........it is all yesterdays news......
http://www.youtube.com/watch?v=_59pP_Xcw0g
1. The first link is to an image that's indecipherable, so I can't imagine how it could lure noobs into anything.
The second link did not take me to anything.
2. I thought the market was random and there are no verifiable money-making edges. Do you have the name of any such prop firm accompanied by the verification of which you speak?
Your #2 method of becoming a consistently profitable trader is kind of like saying, "Become a broker so you can make money off every transaction anyone makes, win or lose."
Quote from Ol' Yella:
Advising noobs to network with and learn from experienced, successful traders at professional firms strikes me as sensible and appropriate.
I wonder how many people who earn their living via daytrading are self-taught or vendor-taught loners? My guess is: Zero.
Exactly right, ol yella.
The market is not completely random all of the time but it is random enough to make price action a non starter.
2. Sure, WTS is one prop firm that I have personal knowledge of that teaches real edge and can prove verifiable consistent profits currently.
surf
Seems more like its saying you can never work anything out or achieve for your self, go to a prop firm, have them work you on an edge thats requires so little of you a 22 y/o ex teacher who has never seen a bid/ask before can be turning profits in a single day, feel proud of "your" success, for your mind has lifted you above and beyond the rest.
Then when the con they were calling an edge drys up and you get fired, enter the world effectively blind and spend the rest of your life in revolting nostalgia, but hey stay busy! Come up with some fantasy indicators that are above the rest, keep a live journal, but please, when you enter a paper trade do not forget and call it cash when you close out.
Someone from WTS used to occasionally post the P&L from his branch in the P&L thread last year. Username was earlybirdstango
Sample pic from an average day below.
As was normally the case, most traders were profitable, and those who lost, lost small amounts. No idea how they are doing now as he stopped posting.
Sample pic from an average day below.
As was normally the case, most traders were profitable, and those who lost, lost small amounts. No idea how they are doing now as he stopped posting.
Quote from bighog:
Spyder only used the ES, I do not recall him ever mentioning SPY, period. Spydertrader was a believer in Jack's method for sure. If Jack's method works for any trader, that person deserves a special plot in whatever graveyard s/he gets planted in. I ranted and yelled at spyder about being way to deep in every tick as if every tick was the "end-all" to any and all patterns. Channel trading has values for sure but I failed to be drawn into the fine print so to speak. My vision of a channel was the borders and that was good enough, even at that I still do not use channels, but they work for others.
I hope spyder is doing fine and may Jack have another 20 years in the mkt's...
PS: I also had a bone to pick about all the volume usage..........to this very day, volume is like reading a newsprint newspaper..........it is all yesterdays news......
No, correction: he only traded es off .spx
I was just at the WTS office in Union Sq NYC last week. They do have access to liquidity that perhaps other firms don't but guys that I saw there were certainly trading via charts and price action. I know they also have rebate traders there too.
Quote from NoDoji:
Is it possible the edge they teach involves candlestick charts with volume bars, indicators and dotted lines marking levels of some sort?
